THE UNITE GROUP PLC Annual Report and Accounts 2024 163 2.3 Net assets 2.3a) EPRA NTA EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value of intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c. 2024 Share of joint ventures Group on EPRA basis Unite Students USAF LSAV Total Total £m £m £m £m £m Investment properties (owned)* 4,025.5 829.6 996.9 1,826.5 5,852.0 Investment properties (leased) 71.8 - - - 71.8 Investment properties under development 451.4 - - - 451.4 Total property portfolio 4,548.7 829.6 996.9 1,826.5 6,375.2 Debt on properties (1,263.7) (273.1) (338.0) (611.1) (1,874.8) Lease liabilities (72.8) - - - (72.8) Cash 274.3 70.4 20.0 90.4 364.7 Net debt (1,062.2) (202.7) (318.0) (520.7) (1,582.9) Other assets and (liabilities) 11.7 (22.6) (12.6) (35.2) (23.5) EPRA net assets 3,498.2 604.3 666.3 1,270.6 4,768.8 Intangible assets (10.4) - - - (10.4) EPRA NTA 3,487.8 604.3 666.3 1,270.6 4,758.4 Loan to value** 22% 24% 32% 29% 24% Loan to value post-IFRS 16 23% 24% 32% 29% 25% 2023 Share of joint ventures Group on EPRA basis Unite Students USAF LSAV Total Total £m £m £m £m £m Investment properties (owned)* 3,727.8 827.8 954.7 1,782.5 5,510.3 Investment properties (leased) 84.7 - - - 84.7 Investment properties under development 174.7 - - - 174.7 Total property portfolio 3,987.2 827.8 954.7 1,782.5 5,769.7 Debt on properties (1,067.6) (243.5) (337.0) (580.5) (1,648.1) Lease liabilities (83.8) - - - (83.8) Cash 37.5 18.2 21.5 39.7 77.2 Net debt (1,113.9) (225.3) (315.5) (540.8) (1,654.7) Other assets and (liabilities) (39.0) (22.3) (29.7) (52.1) (91.0) EPRA net assets 2,834.3 580.2 609.5 1,189.7 4,024.0 Intangible assets (9.3) - - - (9.3) EPRA NTA 2,825.0 580.2 609.5 1,189.7 4,014.7 Loan to value** 26% 27% 33% 30% 28% Loan to value post-IFRS 16 28% 27% 33% 30% 29% * Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet. ** Loan to value (LTV) calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM – see section 8.